He said a container of diesel had smashed the hatch cover, which meant water continually flooded the boat.
"We were preparing to launch the liferaft."
Search and Rescue sent a Royal New Zealand Air Force Orion to watch over the Windigo while the Chengtu diverted from its course towards Los Angeles for 15 hours to reach the yacht 700km southwest of Tonga and 1260km from New Zealand.
"The plane was circling overhead and when it went to refuel, the French Navy sent a plane to just circle us.
"It gave us moral support. It was important to us that they knew where we were.
"Then the Chengtu came and the seamanship was first-class - bringing a 600-foot ship alongside us without touching.
"Tania got the line and jumped in the water and they pulled her in and then it was my turn.
"I feel so guilty about causing so much worry for our families and all the rescuers and these wonderful navy people, who have been brilliant."
Ms Davies, 43, has sailed for three years and said the couple's belongings went with the Windigo, last seen drifting in a remote part of the ocean.
"She was a solid, dependable boat ... our home and our love. If it wasn't so windy, we would not be here.
"We are broke but we will find a way through. We are stronger together - even stronger."